The Federation of Small Businesses estimated that poor business plans cost businesses over £1.2bn due to the extreme weather seen in the early months of 2009. The Home Office estimates that 80% of businesses without a business continuity plan close within 18 months of a major incident.
In April 2009 we saw the French fisherman form a blockade of Calais and other French ports. The blockade at one of the busiest freight terminals worldwide caused hundreds of lorry drivers to queue back along the M20. It came at a particularly bad time, especially when we have an industry that’s already struggling thanks to the recession, as well as successive fuel duty increases, this is absolutely the last thing needed.
The knock-on transport problems served to highlight the need for a good business continuity plan, which would have meant that businesses have plans in place in order to allow them to operate as normal and therefore not costing them potential loss of earnings and extra costs. It would also mean that they would have a plan in place which would help them to recover from an incident in the quickest possible way.
The deadly swine flu virus that has already claimed the lives of a large number of Mexicans has already spread worldwide. The World Health Organisation has recently announced the warning that it is not containable and has declared a global flu pandemic.
The Global Flu Pandemic is now a reality and this can have an effect on businesses world wide. What will the effects be on your business? What will happen if 50% of your staff are off sick or housebound due to school closures? Does your business rely on imports from an affected country?
How can Oval help?
Insurers are prepared to reward firms that are prepared for disaster, with premium discounts of up to 20%, achievable for clients that can demonstrate the existence of a tried and tested Business Continuity Plan.
Because Business Interruption insurance is bought to cover an indemnity period, clients would save money if it is identified that businesses can recover in a short period of time following a total loss claim.
Oval Risk Services has developed the Business Continuity Management solution "Off the Mark", which has the mechanisms you require to assist you formulate and implement a Business Continuity Plan into your business, allowing you to undertake the process and drive it forward yourselves.
For more info please call Neil Hodgson on 01484 411121 or email neil.hodgson@theovalgroup.com